So you are ready and very anxious to buy a home for you and your family. You have contacted a lender who promises the moon, or at least a star or two. After learning about the advantage of buying a "short sale" you realize that a Realtor's help would be important. Whether or not the home you decide upon is For Sale Buy Owner, you need representation and guidance. How much should you offer? What is it really worth. What forms are necessary to sign? How much money should you put down initially, huh? The lender said the seller would pay those awful closing costs!
A good Realtor will provide you with current sales in the neighborhood of comparable homes and information from the county tax records. You will be shown an assortment of homes so that you may choose the one that best suits your needs. The interest rate is important but so are the added fees from your lender. Usually you will find several thousand dollars in expenses added to the closing or rolled into your mortgage.
Remember now we are discussing a "short sale" so the seller is actually a bank or mortgage company. They will want to negotiate closing costs since they are accepting considerably less than the original mortgage. A Realtor will explain the facts surrounding the Seller's mortgage. You are now ready to submit your offer and your Realtor will fax it to the listing Realtor or directly to the Seller and finally to the lender/bank. After which the home will be appraised by a third party hired by the lender/bank. This price will be compared to your offer and what the actual homeowner owes. Expect several other requests on you credit history, your employment and your ability to pay. The entire process may take as long as 45 to 60 days or more. During that time you will have anxiety about your decision, the newspapers and TV will have frightening comments about Real Estate and your family will voice reservations. Boy, do you need a caring Realtor to assist and explain during this time frame.
Before the day of closing arrives you will need guidance with utilities and inspections and lawn & pool service. A check list should be provided. Finally the lender approves and a date is selected. You may expect at least one more "glitch" before the final deed is yours. We, Realtors, never know what that final "glitch" might be however, we will be there for you and even after the closing to make certain your "American dream" has been accomplished. Mr. and Mrs. Homebuyer I suggest to you that you interview at least three Realtors. Find the one who will cover your back during the entire process and be there at your first celebration or Homewarming.
Patricia Eisenhauer is the author of "Realtors Are Real People" published in 2008. This book is an inside peek at her thirty years in Real Estate in Florida. She is still active in the Florida market and assisting in "Short Sales" and negotiating for Sellers in this incredible market.
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